September 15, 2009

501 Beale #12G: No Short Sale For You! (Foreclosure Instead)

501 Beale (Watermark)

Purchased for $975,000 in May of 2006, Watermark (501 Beale) #12G returned to the market this past June as a short sale with a “$500,000” list price. Taken back by the bank in August with a loan balance of $760,000, it’s back on the market and asking $749,000.

A sale at asking would represent a 23% drop in value for the 1,032 square foot luxury two-bedroom condo over the past three years.

∙ Listing: 501 Beale #12G (2/2) 1,032 sqft - $749,000 [MLS]
What’s Up With The Watermark "G"s? [SocketSite]
Oh Geez, Watermark (501 Beale) Number 12G Returns As A Short Sale [SocketSite]

First Published: September 15, 2009 2:30 AM

Comments from "Plugged In" Readers

I take it there was a second mortgage that gummed up the works on this. $500K list and it didn't sell, probably means the second refused to play ball. Which forced the first to take it back to unload it for almost what it was owed. That would be nonsensical (given that the owner was trying to sell it) without a second that they wanted to dispose of.

Posted by: tipster at September 15, 2009 9:51 AM

Does the G stack have the best views? They have the glass corner on the living area, right? I've never been in this building, but I've seen a lot of pictures. It seems as if on the way up this was considered to have a good location and trendy design, but on the way down it is just a condo that is too close to the bridge.

Posted by: Mole Man at September 15, 2009 1:58 PM

Just looked at the floorplan. This G is at the back rt corner as u look at the place from the front, with some views I think. The A on this floor has the best views.

Some nice PAC H places with distant views are selling in the low 600s / sq ft. Not sure how this place can sell for 750. But who knows.

Posted by: mac at September 15, 2009 3:25 PM

another box in the sky--who cares

Posted by: snider at September 15, 2009 4:39 PM

OUCH! 2 beds in this building on lower floors sold for over 1.2 mil during the boom.

Posted by: Mike at September 16, 2009 1:21 PM

Next to the Cathederal Hill Hotel this is the ugliest building in San Francisco

Posted by: steve at September 18, 2009 5:00 PM

This place is NOT worth $750 given the size and location in building. This will sell between $500-600K. The short sale price was closer to reality.

Posted by: sfcondobuyer at September 22, 2009 9:16 AM

@sfcondobuyer

umm.. its already gone contingent.

Posted by: mac at September 22, 2009 12:03 PM

Does anyone who follow South Beach condos see a rise on prices. Units are going into contract 10% higher than early March?

An example in SOMA, price at the Palms were closing for under $500k and now some are in contingent for over $500k.

Posted by: empire at September 22, 2009 2:21 PM

Empire -

I think prices continue to erode. Use this link to view foreclosure activity in 94105 (SB) and 94107 (SOMA). It's not pretty. A 2BR on the 12th floor of Bridgeview (400 Beale) was an open house short sale last weekend at $599K. That's the 1st 2BR I've ever seen south of $600K in that building.

http://www.sfgate.com/webdb/foreclosures/

Posted by: OneEyedMan at September 22, 2009 2:45 PM

I'll guess $700K. That's in line with recent comps and there's still plenty of people who will see 30% off peak price as a "deal".

Posted by: diemos at September 22, 2009 7:58 PM

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